OPEC expects coronavirus to curb oil demand recovery into 2021

Topics OPEC | Oil demand

Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day(bpd) next year to 96.

26 million bpd, the Organization of thePetroleum Exporting Countries said in a monthly report. Thegrowth forecast is 300,000 bpd less than expected a month ago. The weakening demand recovery could support the case for OPEC and its allies, a group known as OPEC+,.

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